Everything needs investment whether it's a Business or a relationship.
In a country like India, where risks are high and startup growth is low(approximately 50% startups Closed without completing 2 years), Investment matters but it is not in the sense of money, not at all.
I am talking about the investment in building a relationship with our potential customers.It is like a plant, if we want to get fruit from it, we need to give water on the regular basis and that's the investment you are doing today for getting a fruitful tomorrow.
In a country like India, where risks are high and startup growth is low(approximately 50% startups Closed without completing 2 years), Investment matters but it is not in the sense of money, not at all.
I am talking about the investment in building a relationship with our potential customers.It is like a plant, if we want to get fruit from it, we need to give water on the regular basis and that's the investment you are doing today for getting a fruitful tomorrow.
In the same way, the startup which has now closed have failed to nurture their business, they want to earn money at initial stage rather than building a relationship.I have seen financial reports of some startups which are not well known but still, they are earning a huge money.But they have taken 3 years to get their business in profit or in another way I can say, they were building a relationship for these three years and are now earning a huge sum of money.It is their efforts that they have put 5 years back, they have invested in getting customers and at the same time providing a money value to their customers.They were not only creating the brand value but also their own value in the market.
In an old saying of Marwari "Grahak Bhagwan ka Roop Hota Hai". Just like, we ask every time to God to give us more and more, in the same way, we can increase our customer base by using various things like Competitive pricing, Taking Feedbacks from customers, Give top customers an exclusive discount, etc and increase our customer retention rate. Once a customer is ours! if he is happy then he will surely go to pay you whatever u say against your services.
New startups have failed to merge the traditional methods with the newer ones and so they have paid a heavy price for that.Investment is surely a need that everyone seeks but the money must be invested in increasing the product value as well as brand value.
Thank You,
By - Swastik Saraf
website: www.swastiksaraf.com
email:- swastiksaraf93@gmail.com
www.facebook.com/sarafswastik
www.twitter.com/swastiksaraf
www.linkedin.in/in/swastiksaraf
